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EVgo Investors Get 'Holiday Gift' As Company Closes $1.25 Billion DOE Loan
EVGOEVgo (EVGO) Investopedia·2024-12-13 21:25

Key TakeawaysEVgo announced it had closed out a 1.25billionloanfacilitywiththeDepartmentofEnergytoconstructmoreEVchargingstations.Thecompanywillusethemoneytodeploy7,500chargersnationwideoverthenextfiveyears.EVgowarnedthatits"businesswillbemateriallyandadverselyaffected"ifitfailstomeettheconditionsoftheloan.EVgo(EVGO)shareswentonarollercoasterrideFridayaftertheelectricvehiclechargingstationmakerreceived1.25 billion loan facility with the Department of Energy to construct more EV charging stations.The company will use the money to deploy 7,500 chargers nationwide over the next five years.EVgo warned that its "business will be materially and adversely affected" if it fails to meet the conditions of the loan. EVgo (EVGO) shares went on a roller coaster ride Friday after the electric vehicle charging station maker received 1.25 billion in loan guarantees from ...